Yes, this is most common story for Guardians. Some do not need to die to be chosen, like the legendary Shin Malphur, but most are chosen from the dead. Even the Ghosts do not know why this is, they simply know when they have found "their" Guardian, as it were. Sadly we do not remember our previous lives, but at least Exos like myself and Cayde-6 remember our names.

[He doesn't mention those who became warlords and despots during the Dark Age, despite their Ghosts best intentions. Those times are long past, and they would only complicate things.]